Pounds to Dollars 11 May 2010

It seems that sterling is predicted to fall by at least 10% (according to J P Morgan) and  BNP Paribas even suggesting that the UK will lose its AAA rating should a Lib-Lab coalition be attempted.  However, the confusion surrounding sterling is clearly evident in the daily chart as cable looks to be precariously poised at the key support around 1.4750/1.480.  With record futures volume recorded there is no shortage of speculation but if cable can hold above this level this week then the bias will be to the upside.

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Sterling News :

Dead Brown Bounce